Stablecoin Smackdown: Tether Breaks $96 Billion Barrier After Q4 Profits Explode
Stablecoin giant Tether is inching closer to a monumental $100 billion market cap. Fueled by its recent record-breaking profits and the struggles of its competitors.
Tether reported a whopping $2.85 billion profit in Q4 2023, its highest ever. Thanks largely to interest payments from US Treasuries. This financial strength, coupled with the regulatory hurdles faced by USDC. And BUSD has opened a window for Tether to expand its dominance.
Currently, USDC holds less than a third of Tether’s market cap, while BUSD is being actively wound down. As of December 2023, Tether boasts over $98 billion in assets under management and $5.4 billion in excess reserves, solidifying its financial position. With a current market cap of $96.17 billion, Tether seems poised to break the $100 billion barrier soon, marking a significant milestone in the stablecoin landscape.
Clever Robot News Desk 6th February 2024